1. In the first quarter of the fiscal year, ABC Company discovers that an asset is impaired and the asset will need to be written down by $8 million. The asset has a useful life of 10 years. Which of the following statements is correct?

   	a.	ABC can write down the asset by $8 million when it prepares its annual financial statements
   	b.	Brace must write off the $8 million by writing off $2 million in each quarters financial statements in the year that it discovered that the asset was impaired by $8 million
   	c.	ABC can write down the asset by $8 million evenly over 10 years, beginning in the year that it discovered that the asset was impaired
   	d.	ABC must write down the asset by $8 million in the first quarters quarterly financial statements